Partnership returns
Sec. 10. (a) Except as provided in subsection (b), every
partnership doing business in this state, every partnership any partner
of which is a resident, and every partnership which has gross income
derived from sources within this state, shall make a return for each
taxable year on a form to be prescribed by the department, which
return shall correspond with the returns required by Section 6031 of
the Internal Revenue Code, insofar as consistent with the provisions
of this article. However, this section shall not be construed to render
any partnership a taxpayer under this article.
(b) A partnership or a corporation that is exempt from income tax
under Section 1363 of the Internal Revenue Code is not required to
file:
(1) federal income tax Schedule K-1 (Form 1065) Partner's
Share of Income, Credits, Deductions, Etc.; or
(2) federal income tax Schedule K-1 (Form 1120S)
Shareholder's Share of Income, Credits, Deductions, Etc.;
with an annual return filed with the department. However, a federal
income tax schedule described in this subsection must be available
for inspection upon request by the department.
(Formerly: Acts 1963(ss), c.32, s.410.) As amended by P.L.2-1987,
SEC.20; P.L.18-1994, SEC.10.
Last modified: May 28, 2006